IFX Brokers Review 2024
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10
- MT4
- MT5
- FSCA
- 2020
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
- $10
- MT4
- MT5
- FSCA
- 2020
Our Evaluation of IFX Brokers
According to our idea, the TU Overall Score indicator should answer the biggest question of all: “Can I trust this broker with my money?”. The scores range within 0.01 – 9.99 (the higher the indicator the more trust the broker has). More details
IFX Brokers is a high-risk broker with the TU Overall Score of 2.45 out of 10. Having reviewed trading opportunities offered by the company and reviews posted by IFX Brokers clients on our website, Traders Union expert Anton Kharitonov does not recommend working with this broker, as, according to reviews, most clients are not satisfied with the broker. IFX Brokers ranks 364 among 456 companies featured in the TU Ranking, which is based on the evaluation of 100+ criteria and a test on how to open an account.
IFX Brokers is suitable for starting on Forex, as well as for permanent trading with floating spreads and market execution. The regulator’s license confirms its reliability. The choice of assets and account types is aimed at satisfying the needs of any trader.
Brief Look at IFX Brokers
IFX Brokers is a Forex broker that offers trading cryptocurrencies, metals, and CFDs on indices and commodities. The company was registered in South Africa in 2018. It is licensed by FSCA (Financial Services Conduct Authority). IFX Brokers provides services to traders from 180 countries and offers a wide range of trading accounts with varying conditions, high leverage, and access to mobile and desktop MetaTrader platforms.
- Minimum deposit is $10 or its equivalent;
- This broker is licensed by the South African regulator;
- Large choice of account types;
- Leverage is up to 1:1000 for retail and professional traders;
- 60 currency pairs are available;
- Account currencies are USD, EUR, GBP, and ZAR;
- Any trading strategy (except for arbitrage in any form) is allowed.
- Spreads are higher than those of other Forex brokers;
- No educational materials, market reviews, analytics, or trading calculators on the website;
- Contacting support in live chat and instant messengers is not available.
TU Expert Advice
Financial expert and analyst at Traders Union
This broker offers account types for novice and experienced traders and professionals. Cent and Standard accounts allow you to trade with a small margin on spread but without additional fees. They provide access to various bonuses that IFX Brokers offers from time to time. The company also has a permanent bonus program that provides 50% of each deposit. Only the Standard account can participate in it. For experienced traders who trade on Premium and VIP accounts, bonuses are not available.
Since IFX Brokers is registered in South Africa, deposits and withdrawals are made in ZAR. This can be considered a disadvantage for clients from other countries, as they face additional costs when converting rands into other currencies. This broker does not charge fees for depositing and withdrawing funds, as well as transferring money to different accounts within the same user account.
Among the disadvantages are a lack of full-fledged training, up-to-date analytics, and live chat for prompt communication with support. IFX Brokers’ clients are not allowed to trade CFDs on stocks. Moreover, the choice of assets for MT5 users is limited. This broker offers only 5 cryptocurrencies and not the most popular ones. However, the choice of currency pairs is quite diverse, so the Forex specialization is obvious.
IFX Brokers Summary
| 💻 Trading platform: | МТ4 and МТ5 |
|---|---|
| 📊 Accounts: | Demo MT4, Demo MT5, Cent, Standard, Premium, VIP, and Islamic |
| 💰 Account currency: | USD, EUR, GBP, and ZAR |
| 💵 Replenishment / Withdrawal: | OZOW, Payfast, Mastercard and Visa (via Payfast), wire transfer, Skrill, Neteller, Bitcoin, Ethereum, Tether, and Ripple |
| 🚀 Minimum deposit: | $10 |
| ⚖️ Leverage: | Up to 1:1000 |
| 💼 PAMM-accounts: | No |
| 📈️ Min Order: | 0.01 |
| 💱 Spread: |
From 0.5 pips on VIP, From 1 pips on Premium, From 1.3 pips on Standard and Islamic, From 1.6 pips on Cent |
| 🔧 Instruments: | Forex, metals, indices, commodities, and cryptocurrencies |
| 💹 Margin Call / Stop Out: | Cent, Standard, and Islamic — 50%/30%; Premium — 60%/20%; and VIP — 40%/10% |
| 🏛 Liquidity provider: | Over-the-counter (OTC) providers |
| 📱 Mobile trading: | Yes |
| ➕ Affiliate program: | Yes |
| 📋 Orders execution: | Market execution |
| ⭐ Trading features: | Trading conditions are suitable for all strategies |
| 🎁 Contests and bonuses: | Deposit bonuses |
IFX Brokers provides access to trading more than 200 financial instruments on MetaTrader platforms. The maximum trading leverage for the Cent account is 1:1000, and for the others, it is 1:500. All account types except Cent can be opened in USD, EUR, GBP, and ZAR. The Cent account currency is in U.S. cents. This broker offers market execution. Bonuses are available to holders of Cent, Standard, and Islamic accounts, but deposit bonuses are only available on Standard.
IFX Brokers Key Parameters Evaluation
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Trading Account Opening
Registration of a user account on the IFX Brokers website is a standard procedure that takes no more than 10 minutes. The registration steps are as follows:
Click the “Start Trading” button on this broker’s website.
Enter your personal information, phone number, and email address. Also, specify your country of residence, create a password, and select the wallet currency for your IFX Brokers’ user account. Then follow the link that will come to the email specified during registration to confirm it.
Features of IFX Brokers’ user account:
Additional features of the user account:
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Real-time transfer of funds from a wallet to trading accounts and vice versa;
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Ticket system for instant support;
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Useful tools, such as economic calendar, market review, and trading platform installation files;
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Change the leverage;
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User account history: free/used margin on current positions, balance and equity, and reports on withdrawals and deposits;
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Edit personal data.
Regulation and safety
IFX Brokers is a licensed and regulated Forex broker headquartered in Jeffreys Bay, South Africa. Its activities are controlled by the local FSCA.
IFX Brokers has a third-party auditor who monitors the segregation of its capital and client funds on a daily basis. There is also professional liability insurance. It covers trader losses that may result from fraudulent or erroneous actions on the part of IFX Brokers.
Advantages
- Negative balance protection on all accounts
- Client funds are held separately from this broker’s capital
- FSCA allows trading with high leverage for retail clients
Disadvantages
- To make a deposit, verification is mandatory
- All withdrawals are made in ZAR, which incurs additional conversion fees for international traders
- FSCA doesn’t have a compensation fund to cover the financial losses of traders
Commissions and fees
| Account type | Spread (minimum value) | Withdrawal commission |
|---|---|---|
| Cent | $0.16 | Charged by a bank or payment system |
| Standard | $13 | Charged by a bank or payment system |
| Premium | $10 | Charged by a bank or payment system |
| VIP | $5 | Charged by a bank or payment system |
| Islamic | $13 | Charged by a bank or payment system |
When transferring positions overnight, traders pay positive or negative swap fees. The comparative table below shows the average fees of IFX Brokers and other Forex brokers.
| Broker | Average commission | Level |
|---|---|---|
|
$8.2 | |
|
$1 | |
|
$8.5 |
Account types
IFX Brokers offers 5 live account types. The Cent account can only be opened in MT5; whereas, others can be opened both in MT5 and MT4. Accounts differ in deposit, leverage, spreads, and trading fees. Each user account can have one account of each type in 4 currencies.
Account types:
If traders are not ready to invest real money in Forex and want to practice trading with virtual funds, they can open a demo account.
Each IFX Brokers’ client can have up to 36 trading accounts in different currencies and platforms, which provides for effectively using each of them for specific strategies and purposes. Leverage is dynamic, which helps traders reduce or increase risks, and hence their potential profit.
Deposit and Withdrawal
Withdrawal requests are processed on weekdays. Transactions of clients from South Africa are confirmed within 2-4 hours. Requests from traders from other countries are processed instantly, but the transfer of funds to a bank account may take up to 5 business days;
If the withdrawal amount exceeds 100,000 ZAR (~USD 5,200), the money will be received within 5 business days;
The company withdraws funds only to the bank account of the client who submitted a withdrawal request;
Withdrawal currency is ZAR. Conversion fees for currency exchange are paid by traders.
Investment Options
IFX Brokers provides services for active traders. This broker does not offer PAMM or MAM services, managed portfolios, or payouts on account balance. Its clients are not prohibited from using third-party platforms and developments to receive passive income. When working with MetaTrader platforms, this is the MQL5 copy trading service and expert advisors. The IB partnership program is available; it provides for earning money without actively trading Forex.
Automated trading is a way to get passive income on Forex
Traders using MT4 and MT5 can earn not only on trades they execute themselves. Current online trading provides for automating the process and using the achievements of other traders or developers of special trading software. The following options are available to IFX Brokers’ clients:
Automated trading. This option provides for copying trades of experienced traders with a successful strategy. The whole process takes place directly in THE subscribers’ trading platforms and does not require their manual intervention in trading. Positions are copied automatically based on the specified factors and risk parameters. Copy trading is great for novice traders who don't have enough experience to trade profitably;
Algorithmic trading. This option is more effective for experienced traders who do not want to monitor the market and trade on their own. Analysis and trading are carried out by special expert advisors (EAs) according to the algorithms specified by their developers. Novice traders should use this method with caution, as it is necessary to choose the right EA, and this requires understanding of market processes.
Expert advisors and trading signals are provided not by this broker, but by the MQL5 community. Therefore, IFX Brokers is not responsible for their quality and effectiveness. Also, the company does not withhold fees for using third-party services, but investors pay for the signal provider’s services and the cost of paid EAs.
If you are a large investor and plan on investments over $10,000, contact us at vip-invest@tradersunion.com or by the feedback form on our website. Our professional team will take you through all the intricacies of the deal and all the steps from signing up to withdrawal of profits.
Partnership program from IFX Brokers:
Introducing Broker is an agent who introduces IFX Brokers’ products and services to new clients and is rewarded for doing so with payments. When a referral closes a standard lot, the IB is rewarded up to $12.
If an IB increases the client base, IFX Brokers increases the reward. Moreover, a partner can receive even more money when connecting sub-IBs; that is, referrals who will register new traders themselves.
Customer support
Technical support is available 24/5. Communication is possible in 30 languages.
Advantages
- Technical support is multilingual
- Quick responses to tickets in the user account
Disadvantages
- No live chat on the website and in the user account
- Contacting the company via instant messengers and social networks is not available
To contact IFX Brokers, use the following channels:
phone (a single number is indicated in the Contact section of the website);
email;
tickets in the user account.
Contacts
| Foundation date | 2020 |
|---|---|
| Registration address | IFX Brokers Holdings (Pty) Ltd, 79 Da Gama Road, Jeffreys Bay, South Africa |
| Regulation | FSCA |
| Official site | https://ifxbrokers.com/ |
| Contacts |
+27 87 944 7273
|
Education
To discover the basics of the Forex market, the company offers the FAQs section. It cannot be considered a full-fledged teaching tool, since each question comprises only a few sentences. In general, the IFX Brokers website is not designed for in-depth study.
To learn to trade, it is necessary to incorporate theory and practice. A demo account is great for practicing in the real market without losing money.
Comparison of IFX Brokers with other Brokers
| IFX Brokers | RoboForex | Exness | TeleTrade | Pocket Option | IC Markets | |
| Trading platform |
MT4, MT5 | MT4, MT5, R MobileTrader, R StocksTrader, R WebTrader | Exness Trade App (mobile), Exness Terminal (web), MetaTrader5, MetaTrader4 | MT4, MT5 | Pocket Option, MT5, MT4 | MT4, cTrader, MT5, TradingView |
| Min deposit | $10 | $10 | $10 | $10 | $5 | $200 |
| Leverage |
From 1:1 to 1:1000 |
From 1:1 to 1:2000 |
From 1:1 to 1:2000 |
From 1:1 to 1:500 |
From 1:1 to 1:1000 |
From 1:1 to 1:500 |
| Trust management | No | No | No | No | No | No |
| Accrual of % on the balance | No | No | No | No | No | No |
| Spread | From 1.3 point | From 0 points | From 1 point | From 0.8 points | From 1.2 point | From 0 points |
| Level of margin call / stop out |
50% / 30% | 60% / 40% | No / 60% | 70% / 20% | 30% / 50% | 100% / 50% |
| Execution of orders | Market Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution, Instant Execution | Market Execution | Market Execution |
| No deposit bonus | No | No | No | No | No | No |
| Cent accounts | No | Yes | No | No | No | No |
Detailed review of IFX Brokers
IFX Brokers is a full-fledged STP broker that offers profitable conditions to traders using any trading style. Its clients are scalpers, traders who trade news, and those who use Swing Trading or Day Trading strategies. Direct STP processing means that all client trades are directly transferred to multiple verified OTC liquidity providers. IFX Brokers’ trading servers are linked to the Equinix data center in London, which minimizes execution delays.
IFX Brokers by the numbers:
Approximately 99% of orders placed by clients are executed at the requested price;
5+ years of experience in financial markets;
This broker processes about 500,000 trades within 1 ms;
Average order execution speed is 2.5 ms.
IFX Brokers is a broker for trading in the foreign exchange and CFD markets
The range of assets available for trading depends on the trading platform chosen by a trader. This broker offers MetaTrader 4 and MetaTrader 5, which are compatible with Windows, Mac OS, iPhone, iPad, and Android. There are 70 currency pairs and 12 commodities for MT4 and MT5, as well as 11 stock indices for MT4. Among them are the most traded indices of Australia, France, Germany, Spain, Japan, and Great Britain. However, Nasdaq and S&P 500 indices are only available in the Mini format. Also, in MT4 you can trade BTC/USD, XET/USD, XBN/USD, XLC/USD, and XRP/USD mixed pairs.
If a client completes the registration form correctly and attaches all the necessary documents, verification and approval of the user account takes up to 8 working hours from Monday to Friday. Funds are credited instantly (except for bank transfers), so you can start trading within 1-2 days of opening an account.
Useful services offered by IFX Brokers:
Economic calendar. This is a list of the most important events for traders and investors that can be used when conducting market analysis;
Trading hours. Here the working hours of different markets such as Forex, metals, soft goods, indices, and energies, and a technical break in trading are indicated;
Blog. It provides reviews of IFX Brokers as compared to other Forex brokers. With the help of convenient tables, you can compare regulation, the range of trading assets, fees, platform features, etc.;
FAQs. This block is for traders who are interested in trading and trading conditions of IFX Brokers.
Advantages:
No hidden trading or non-trading fees, as all information is provided on the IFX Brokers official website;
Copy trading, algorithmic trading, scalping, and hedging are allowed;
Swap-free Islamic accounts that allow Muslim traders to trade in accordance with Shariah requirements are available;
The company has partnered with Equinix to achieve high-speed execution with minimal delays;
IFX Brokers provides for executing cryptocurrency transactions and trading digital assets with leverage.
This broker's clients trade with floating spreads. This allows traders to effectively maneuver between tight spreads in a stable market situation and high potential profits in high volatility.
User Satisfaction i